LIC Jeevan Kishore Plan

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LIC Jeevan Kishore Plan

 

LIC Jeevan Kishore Plan is an Endowment Assurance Plan for a child such that Sum Assured plus Bonus would be paid for the child’s benefit on the term’s maturity. The proposer can further secure his child’s future by opting for Premium Waiver Benefit rider, such that if he dies before the policy matures, then the future premiums would be waived. There are additional rider benefits like Premium Waiver Benefit. Once the child attains majority, the policy gets transferred to his name and then he can also opt for Accidental Death Benefit rider by paying additional premium.

 

Key Features of LIC Jeevan Kishore Plan

 

  • There are additional riders like Premium Waiver Benefit which can be availed by the proposer and Accidental Death Benefit rider that can be availed by the child after he is 18 years old
  • On Maturity the Life Insured or his nominee would receive the Sum Assured + Bonus
  • The policy can be taken by the child’s parents or legal guardian, if parent is not alive
  • Risk on a child’s life commences after 2 policy years or the child attains 7 years of age, whichever is later

 

Benefits you get from LIC Jeevan Kishore Plan

 

Death Benefit – In case of death of the child, i.e. the Life Insured before the risk commencement then the nominee would get only the basic premiums paid till date. In case of death of the child, i.e. the Life Insured after the risk commencement then the nominee would get Sum Assured + accrued Bonus till date.
In case the proposer dies before the policy matures, the Insurer pays the premium if the Premium Waiver Benefit rider has been opted for.

Maturity Benefit – On maturity, the life insured gets the Sum Assured plus Bonus.

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C

 

Eligibility conditions and other restrictions in LIC Jeevan Kishore Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

50,000

40,00,000

Policy Term (in years)

15

35

Premium Payment Term (in years)

Equal to Policy Term

Entry Age of Policyholder (in years)

0

12

Age at Maturity (in years)

20

45

Single Premium (in Rs.)

-

-

Payment modes

Single, Yearly, Half-Yearly and Quarterly

 
Compare Child Plans

 

Sample illustration of premium amount in LIC Jeevan Kishore Plan

 

Age = 1, 5 and 10 years

Policy Term = 30 years

Premium Paying Term = Regular Pay

Sum Assured = Rs 1,00,000

LIC Jeevan Kishore Plan Sample Premium Amounts

 

Additional Features and Benefits of LIC Jeevan Kishore Plan

 

Riders – There are 2 additional riders available in this policy

1.     Premium Waiver Benefit- that can be opted by the proposer

2.     Accidental Death Benefit- that can be obtained by the life insured once he is at least 18 years.

 

                                             

What happens if?

 

You stop paying the premium – The policy will lapse if the premium stops. However, it can be revived within a specific period.

 

You want to surrender the policy – The policy may be surrendered after it has been in force for 3 years or more.  The guaranteed surrender value, if policy is surrendered before the date of commencement of risk is 90 % of premiums paid excluding premium for the first year. If policy is surrendered after the date of commencement of risk, the guaranteed surrender value is 30 % of premiums paid after commencement of risk together with 90 % of premiums paid before the commencement of risk. Premiums for the first year and the premiums for Premium Waiver Benefit, if any, will be excluded.

 

You want a loan against your policy – Loan is available after the policy is vested to the Life Insured, i.e. after he attains 18 years of age.

 

 

Alternate Child Plans from different insurance companies

 

1.     ING Vysya Creating Life Money Back Plan

2.     MetLife Junior Endowment Participating

3.     Tata AIG Star Kid

 

 

Other Child Plans from Life Insurance Corporation of India

 

 

 

 

 

 

1.     LIC Jeevan Anurag

 

2.     LIC CDA Endowment Vesting At 21

3.     LIC CDA Endowment Vesting At 18

4.     LIC Child Career Plan

5.     LIC Jeevan Chhaya

6.     LIC Marriage Endowment Or Educational Annuity Plan

 

Compare Child Plans

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